Long Island Closed Median Home Price Tops $500,000 Mark

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OneKey MLS, the largest MLS in New York with more than 40,000 realtors, released the annual real estate market statistics for Long Island, which includes Nassau, Suffolk and Queens, reporting a 2020 closed median home price of $515,000.

This represents an increase of 8.4 percent from $475,000 recorded in 2019. For more than 40 years, the Multiple Listing Service has served as the local source of real estate market data and this is the first time the MLS has reported a combined year-long closed median price for Long Island over the $500,000 mark.

On a county level, Nassau, Suffolk and Queens all reported gains in annual home prices attributed to the combination of record low interest rates, limited available inventory and the high demand for housing brought on by the influx of buyers moving from the city. Nassau reported an annual closed median home price of $575,000 in 2020, which is 7.5 percent higher than $535,000 reported for 2019.

Actual closed sales transactions for 2020 represented more than $20 billion in closing gross sales volume according to OneKey MLS, which
was generated from the 36,163 transactions recorded for the year on the system. This represents a decrease of 7.5 percent from sales reported in 2019 that was the impact of the COVID-19 pandemic across the New York area especially in March, April and May when the traditional robust spring real estate market would have been underway, but was paused.

—Submitted by OneKey MLS

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